Assume that Aspen Corporation in Problem 11.5 is owned by Janet Nall, who is a 100 percent shareholder. Also, assume that the corporation has a valid S corporation election in effect for 2010 and is not subject to any special taxes.

Using the relevant information given and assuming the corporation’s retained earnings are $19,000, instead of $17,200, accounts payable are $24,000, rather than $25,800, and no estimated tax payments are made, complete Form 1120S on pages 11-19 through 11-22 for Aspen Corporation, and complete Schedule K-1 on pages 11-23 and 11-24 for Janet. Also complete Schedules K and L for Aspen Corporation, assuming there were no cash distributions to Janet during the year.